January 14, 2020

Crude oil futures higher on US-China trade deal optimism

Featuring: Elizabeth Rosenberg

Source: S&P Global

Journalist: Brian Scheid

Crude oil futures were higher during mid-morning trade in Asia Tuesday on market optimism ahead of the US-China phase one trade deal signing this week. However, anticipation of rising US crude stocks capped gains.

At 10:45 am Singapore time (0245GMT), the front-month March ICE Brent crude futures rose 20 cents/b (0.31%) from Monday's settle at $64.40/b, while the NYMEX February light sweet crude contract was 16 cents/b (0.28%) higher at $58.23/b.

According to media reports, US dropped China's label of a currency manipulator ahead of the trade deal, which lifted markets on a fresh wave of optimism.

Read the full story and more in S&P Global Platts.

Author

  • Elizabeth Rosenberg

    Former Senior Fellow and Director, Energy, Economics and Security Program

    Elizabeth Rosenberg is a former Senior Fellow and Director of the Energy, Economics, and Security Program at the Center for a New American Security. In this capacity, she publ...